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Dec. 1, 2022

Dollar/Yen hits 3 months low before recovering 32 pips

Live - Updated 50 minutes ago.

Dollar/Yen dropped to 135.5, hitting its lowest point in 3 months. Later, it recovered 32 pips and is now trading at 135.83.

Dollar/Yen is currently trading at 135.83 following the release of ISM Manufacturing PMI (Nov) data from the United States.

Data for United States Initial Jobless Claims published today at 13:30 UTC came out at 225,000, beating projections of 235,000 and showing improvement over the preceding figure of 241,000.

Meanwhile, United States ISM Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Dollar/Yen's case, the index has fallen below 30, signalling that the asset is oversold. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 135.4, a low enough level to, generally, suggest that Dollar/Yen is trading below its fair value. Visual analysis of Dollar/Yen's chart shows that the resistance level is at 138.11, followed by 138.26.

With market volatility ebbing, the current technical outlook indicates Dollar/Yen will remain range-bound for the immediate future.

Positive performances can be seen by looking at other currencies as GBP/CAD skyrockets 1.74% to trade around 1.6464. Having closed the previous session at 1.2062, GBP/USD is up 1.72% today to currently trade at around 1.2269. NZD/USD gained 1.34% and is currently trading at 0.6382.

Moreover, United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available tomorrow at 13:30 UTC.

Furthermore, Japan BoJ Governor Kuroda speech set for tomorrow at 06:00 UTC. United States Unemployment Rate is expected tomorrow at 13:30 UTC.

Dollar/Yen is now trading 8% away from its significant high of 150.1 first tested a month ago.

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Week to date

Dollar/Yen is trading around 135.83, after closing the previous week at 135.83 (down 0%) .

Trading week at a glance - USD/JPY is up to 135.83, after closing yesterday at zero. Overall, a 0% move or 13,583 pips this week. (Trade Dollar/Yen with FXTM now).

On the flip side, data for United States Initial Jobless Claims published today at 13:30 UTC came out at 225,000, beating projections of 235,000 and showing improvement over the preceding figure of 241,000.

At the same time, United States ISM Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3. Japan 10-Year JGB Auction released today at 03:35 UTC with a figure of 0.25, while the previous figure was 0.248. Japan Capital Spending (YoY) (Q3) came out at 9.8, while a consensus of analysts was expecting 6.4.

Furthermore, the market is looking at Japan GDP is expected Wednesday.

Elsewhere, Japan Household Spending (YoY) (Oct) is expected Monday. Japan Household Spending (MoM) (Oct) scheduled to come out Monday.